What is Transition to Retirement?
Want to start slowing down but not quite ready to say your final goodbye to the job yet? You can cut back at work and begin to access the benefits of your super in the years leading up to retirement with a Transition to Retirement (TTR) strategy.
This strategy allows you to deposit some of your super savings into an income account as a transition to retirement member. You can then start receiving regular payments from this account, helping make up the difference in your salary from your reduced work hours.
Meanwhile, because you’re still working, your super account will continue to receive employer contributions and any voluntary contributions you make.
Watch this short video to learn about how Transition to Retirement works:
Who’s eligible to open an income account as a transition to retirement member?
If you have reached your preservation age, you can effectively semi-retire and start tapping into your super by opening an income account as a transition to retirement member.
Find your preservation age:
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Opening an account as a defined benefit member
If you’re a member of a defined benefit division of Qantas Super, opening an income account as a transition to retirement member may have an impact on your benefit, so it’s important to seek financial advice.
You can get simple advice over the phone or face-to-face. It’s included as part of your membership, so there’s no extra cost.
It’s important to note that, if your preservation age is before age 60 and you choose to access your super before age 60, tax may be payable on the amounts you withdraw.
How does it work?
Setting it up an income account as a transition to retirement member is easy. All you have to do is:
What happens to your super account?
Because you will still be working, your regular super account will need to stay open in order to receive contributions from your employer. With this in mind, it’s important to ensure that you keep enough money in your super account to cover any admin fees and insurance premiums.
Other info you might be interested in
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Tax on super
To help you save for your retirement, the Federal Government provides a range of tax concessions.
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Your investment options
It’s important to make sure your money is invested to match your needs and lifestyle goals. Learn all about your investment options at Qantas Super.
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What's the point of Super Advice?
Whether you’re just starting out in your career, you’re winding down at work, or you’ve already set out on your retirement adventures, there’s never a bad time to seek advice.
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Learning Hub
Understand your super and the simple steps you can take to stay in control.
We're here to help
If you want to learn more or need help with making a decision about your super, you can get simple advice over the phone or face to face. It’s included as a part of your membership so there’s no extra cost.